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Lane, JD, CFP, MBA, CRPS

Category: Tax

Satisfied Customers: 12488

Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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If my pension check is a gross 16,667.00 per month. What

Customer Question

If my pension check is a gross 16,667.00 per month. What taxes will be taken out ? What should I expect my net spendable income will be?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My question is above this lineJA: Is there anything else important you think the Accountant should know?Customer: I live in ca. And will have to pay state tax. I want an idea of how much will be left for my monthly expenses?

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law &Corporate law, an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Your taxable earned income is greater than the current FICA wage cap of $118,500. Any wage income over this amount is not subject to social security taxes (but is subject to Medicare taxes).

As of 2013, an Additional Medicare Tax of 0.9% is applicable to all earned income over $200,000 for your filing type. You owe a total of $0 in Additional Medicare Tax (this is included in your Medicare Tax total).